Accountıng I Deneme Sınavı Sorusu #1313810
Which of the following cannot be suggested to be an idea followed by "Conservatism"?
"Anticipate no gains, but provide for all probable losses" |
"If in doubt, record an asset the lowest reasonable amount and reliability at the highest reasonable amount" |
"When there is a question, record an expense rather than an asset" |
"When you are faced with a decision between two possible options, you must choose the option that undervalues" |
"Inventory management is not a significant aspect of any successful business" |
Conservatism in accounting means being careful in reporting items in the financial statements. Conservatism follows these ideas:
• Anticipate no gains, but provide for all probable losses.
• If in doubt, record an asset the lowest reasonable amount and reliability at the highest reasonable amount.
• When there is a question, record an expense rather than an asset.
• When you are faced with a decision between two possible options, you must choose the option that undervalues, rather than overvalues, your business
E is the right answer.
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